Area Real Estate Sales On Track For Record Year

 While area MLS® real estate sales in terms of dollars during October were slightly below October of last year, we are still on track to having a record year in terms of MLS® dollar sales volume sold for 2013.  If sales during November and December are nothing more than the same level as 2012,  we will see in excess of $600 million worth of MLS® listed properties change hands this year.

  

October sales of $65.9 million reported through the MLS ® system of the Southern Georgian Bay Association of REALTORS® (SGBAR) was 3% less than in October 2012 however MLS® unit sales during the month were up 1% with 220 properties selling in October versus 217 in October of last year. 

  Year-to- sales MLS® of 1,863 properties marks a 7% increase over the number of MLS® listed properties sold in the first 10 months of 2012.  Year-to-date dollar volume now totals $551.5 million reflecting an 8% increase over last year.  During 2013 we have seen a consistent increase in unit sales in many of the price ranges over $500,000 which has resulted in a slightly higher dollar volume versus unit volume sales increase year-to-date.  While sales between $1.0 and $1.5 million are down 3 unit sales from last year, sales above $1.5 million total 9 properties, more than double the number sold in 2012.

  As per the accompanying graph, year-to-date single family home sales are running slightly ahead of last year up 2% while condominium sales are
essentially even with last year.  Vacant land sales total 131 properties up 21% from one year ago.

  As has been the case throughout the year, the number of new MLS® listings coming to market decreased in October as did the number of expired listings.  Year-to-date there have been 5,681 new listings entered into the SGBAR MLS® system a decrease of 3% from last year.  The number of expired MLS® listings year-to-date which total 2,454 properties represents a decrease of 5% from the number of MLS® listings that expired in the first 10 months of 2012.  What does this mean for consumers?  Fewer active and fewer expired listings has resulted in a more balanced market where the ratio between the number of properties listed versus sold is decreasing.  In October 2012 there were 3.4 MLS® properties listed for every property sold.  As of the end of October this year the ratio is 3.0 to 1.  

 In my next posting I will review sales activity in the various municipalities that make up our market area.